Murphy Oil Acquires Additional British Columbia Acreage

Murphy Oil has announced that its wholly owned Calgary-based subsidiary Murphy Oil Company was the successful bidder on three land parcels in the December 2007 British Columbia land sale.

The three parcels of land purchased by Murphy Oil amount to 41,742 acres. The deal cost the firm C$224.6 million.

Claiborne Deming, president and CEO of Murphy Oil, said: “We are very pleased with our success in the recent British Columbia land sale. This position adds to the acreage purchased earlier in 2007 in an emerging tight gas sands play. We now have 125 sections in this play constituting almost 80,000 acres that we believe have the potential to yield over two trillion cubic feet of natural gas.”